DetailsThe Benefit Cost Codes Table houses employee and employer benefit plan costing. Benefit Cost Codes define annual benefit costing by Benefit Code and Coverage Code.
To define a plan's costs for various coverage options, multiple cost records are required. A benefit cost record is unique based on its benefit code, coverage code, benefit profile, and effective date.
Benefits costs are set up based on 1) dollars, 2) percentages, or 3) rule codes. Benefit rule costing includes costing dependent on salary-calculation options.
BENEFIT COSTS ARE ANNUALIZED.
The Benefit Costs Table represents annual costs. The payroll engine divides the annual benefit costs by the number of pay periods for the pay frequency to calculate the pay period deductions and employee and employer costs and to limit the associated benefit earnings or deductions.
Advanced cost banding is available on a separate table: Benefit Cost Bands. For benefit costs based on dollars or rule codes, cost bands can be defined to list employee and employer costs by different years, gender, benefit salary, zip code, tobacco use status, benefit limit, or any combination of these. The setup of benefit cost bands requires access to a web role, such as the Payroll & HR Enterprise role.
For more information, refer to: Benefit Cost Code - Adding and to the detail topic (listed under the heading for this topic as Details).